The Internal Revenue Service announced yesterday that Toyota has submitted quarterly reports indicating that its cumulative sales of qualified vehicles to retail dealers has reached the 60,000-vehicle limit during the calendar quarter ending June 30, 2006.
Under the current tax law, the credit for buying a hybrid vehicle begins to phase out during the second calendar quarter after the quarter in which the company sells its 60,000th hybrid or lean burn technology vehicle. Toyota hybrid buyers will receive half the credit they were receiving before Oct. 1, 2006. Beginning October 1, 2007, taxpayers who buy a Toyota hybrid cannot claim the related tax credit.
It will be interesting to see how that affects Toyota’s hybrid sales momentum when the full rebate still applies to other vehicle manufacturers. Of course, other manufacturers need to produce a hybrid in the first place.
http://www.irs.gov/newsroom/article/0,,id=162562,00.html
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